Despite crisis, mortgage modifications rare
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mortgage modifications March 5th, 2008When Veronica Hodge realized the adjustable-rate mortgage on her Vacaville home was due to reset about $1,000 a month higher starting in January, she called her lender in November to request a loan modification, freezing her interest rate.
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She submitted paperwork, including proof of income, then called back only to find out that it had been lost. She resubmitted the paperwork and was told to wait six to eight weeks.
She was still waiting on Monday afternoon.
“I contact them every week, just to get the same script from whoever answers the phone,” said Hodge, a human resources manager. “They say they’re still reviewing, just give them a few more weeks.
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